© Stocksak. The logo of Swiss bank Credit Suisse can be seen in front a Zurich office building, Switzerland, October 26, 2022. REUTERS/Arnd Wiegmann
ZURICH (Stocksak), Credit Suisse is considering an initial public offering for its CS First Boston spinoff. This was disclosed by Stocksak by a source who was familiar with the matter on Thursday.
The source stated that the Swiss bank is currently the majority shareholder in the newly established investment bank entity. However an IPO is a possible future option.
Chief Executive Ulrich Koerner announced that $500 million has been already committed by an unnamed investment company to CS First Boston. The company will be focusing on capital markets and advisory services.
Saudi National Bank is taking up to 9.9% of Credit Suisse Group. It also stated that it was willing to invest money in the investment bank spinoff.
Michael Klein, a Credit Suisse board member, will be retiring to become the chief executive of the new CS First Boston entity. It will be headquartered out of New York.